BMW says UK remains important but Brexit uncertainty looms

Raindrops cover the bonnet of a BMW car in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth

MUNICH (Reuters) - German car manufacturer BMW, which owns the Mini brand, said the importance of Britain as a manufacturing location hinged on how successfully it negotiates its exit from the European Union.

BMW's factory in Oxford is currently the main manufacturing hub for the Mini, but the introduction of punitive export tariffs between the European Union and Britain could change that.

"The UK remains an important location for us. Much will depend on how Brexit is ultimately negotiated," BMW Chief Executive Harald Krueger told journalists at a news conference.

"At the BMW Group, we are preparing different scenarios. Our production network offers us flexibility. Mini models are also built at VDL Nedcar in Born in the Netherlands," he added.

Krueger's comments comes as British Prime Minister Theresa May this week said she will trigger Britain's divorce proceedings with the European Union on March 29.